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<br />(I) month prior to its due date the annual mortgage insurance premium in order to proYide such holder
<br />with funds to pay such premium to the Secretary of Housing and Urban Development pursuant to the
<br />National Housing Act, as-amended, and applicable Regulations thereunder; or
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<br />(II) If and so long as said note of eYen date and this instrument are held by rh!, Secretary of Housing and
<br />Urban Development, a monthly charge (ill lieu of Q mortgage insurance premium) which shall be in an
<br />amount equal toone-twelfth (1/12) of one-half (1/2) per centum of the ayerage outstanding balance
<br />due on the note computed without taking into account delinquencies or prepayments;
<br />(b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable on
<br />policies of fIre and other hazard insurance coyering the mortgaged property. plus taxes and assessments next due
<br />on the mortgaged properlY {ail as estim4,ed by the Mortgagee} I",. all sums already paid therefor divided-by the
<br />number of months to elapse before one month prior to the d.te when such ground rents, premiums, taxes and
<br />assessments will become delinquent, such sums to be heid by Mortgagee in trust 10 pay said ground rents, pre-
<br />miurn&. laxeund special assessments; and
<br />(c) All payments mentioned in the two preceding subsections of this'paragraph and all payments to be made under
<br />the note secured hereby shall be added together, and the aggregate amount thereof shall be paid by the Mortgagor
<br />each month in a single payment to be applied by the Mortgagee to the following items in the order set forth:
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<br />(I) premium charges under the contraci Hf insurance wllh the Secretary of Bousing and ,Urban Developmeni,
<br />or monthly charge {in_lieu a/mortgage insurance premium}. as the-case_may be;
<br />(II) ground renis, taxes. assessments, tire and other hazard insurance premiums;
<br />(Ill) mterest on the note secured hereby: and
<br />(IV) amortizaTion of the princIpal of saId note,
<br />Any defIciency In the amount of any such aggregate monthly payment shall, unless made good by the Mort-
<br />gagor prior to the due date <>fthe Ilt'xt such pa,'menL c01lSltlllte an event of defauliunder this mortgage, 'The
<br />Mortgagee may collect a "late charge" not to eXece" lour c,'nt' (4~) for each dollar ($1) of each payment more
<br />than fifteen (I 5) days ill arrears to cover the extra expense involved in handling delinquent payments,
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<br />:\. That if the iotal of lhe payment." madl' by the \lortgaj!or under !b! o{ paragraph ~ precedin~ shall exceed
<br />the liR\{)unt of payments actually made by th., \lortj!al''''' for eround rents. laxes and assessments or insurance pre-
<br />miull18, "'0; the case mal' be, such excess, if [he loan is <'Urrent, ar the OpHon of rhe Mortgagor, shall be credued by
<br />th.. \tortga,;(.... on sub"':quent paym..nt~ to ;,.. made by Ih.. \'\o'tj!agor, or ".funded t" the \lmtgagor, If,howe\'er, the
<br />monthly payments made try' the Morrgagor unde, ! hi of paragraph 2 preceding shaH 1I0r be sufficient to pay ground
<br />rt'-nt", taxe:-: and as~e~sm(~nt.s or in....uranciP pr{>mium~. a..~ thp ('a.",\J may bp. wht"n the sam{~ shall become due and pay~
<br />able, then \he- Mol"t!!~or shall pay tu the '.....t!lag.... any amount lIel'.',;saf)' to make up the defidt'ncy, on or before
<br />the dale when paym....t of slK'h ~round rents, taXI's. ass(>ssments or insuran('~ premiums shall be due, If at any
<br />ti_ th~ \lort!lagor shall tender to rh.. '10rt~agee, in aC('{lrdance with the provisions of th.. not.. secured hereby,
<br />full payment of the .'nti,,' indebtedm'ss representl'd th..reby_ the \lortgagee shall. in .'omputing the am6unt of such
<br />indel:itedness, credil 10 the account of Ihe Mortgagor ,111 paymenls made under the provisions of (a) of paragrapb2
<br />hereof which the Mtlngagee has ",)I beeome obli!l:aWd 10 pay 10 tht' "",'r.ellV) of !lousing Ald Urban Development
<br />and ""Y' balan"e retllaining in the funds accumulated under the plll\'isions of (bi of paragmph2hereof, If thero
<br />shall be a dl'fault under an) of lhl' prm'"i!)n" of this mortj!~I' ."sulting In a public sal.. of th.. premises co\'e,ed
<br />he....by. or if the \turtgagee aeqUlres thl' prop..rt\' olllt'r"I",' aft"r rldault_ thl' \lort:gag.... shall apply. at the time of
<br />the eommenct'lnent of such proceedin~s. or at the tlml' th., propNt) ,- othN"Is~ acquired, the balance then remain-
<br />in~ In the funds a.'cumul al<'d unrler ,; } "f parilj!raph ~ pren'ding. as a I',,'di t against ihl' amount of principal then
<br />remaininl! unpaid undl'r ...a,d nol<', and shall pmp.'r1\ adjUst any paym....t" whil'h shall have b...... made under (a)
<br />of paragraph 2,
<br />4. That the- \tortgitllOf will ra~ ground renl~. t~\e-~. .ij,~~e\smenrs.. v,aler ral~~, and llther governmental or municipal
<br />J..:harges, tines_ 1.)[ impt.\sition'S. fl.." which pro\'I!\ilm ha:-. ntH been made hereinbefore. ~lOd in default thereof the Mongagee may
<br />pay the same: and that the Mortgagnr will pn'mptlv dehver the official re("cipb [heretor to the Mongagee.
<br />~_ The- Mortgagor ",iff pa\ ~tH W"li;e-... 'whr.::h ma~- be k\'1-e-u ur.-m {he ~-1on.~~.... interest jn ~id real estate and impro\'e~
<br />ments. and which may No It"vied upon {hi" mortgage Oi the ddH ~('~ur('d ht'Ct'tly (hut onlv to the e,tent that such is not prohibitc
<br />ed by lay. and only W Ihe e\hwt that ,>u(h Will not male thiS h.~n u,\l..lnous" but (\dud.ng any income tax. State or Federal.
<br />imposed on Mortgagee. and wtH file the t),ncmJ receipt ..h()wmg 'iuch ravment \\;th the \iurtgagee. Upon Violation of this under~
<br />takin,. or if tht' M(\ftga~or I' prohibited hY ,,10\ hi\o\ no\\ \Jr hereafltr c"'ling from paying the whole or any portion of the afore-
<br />'Wild t3\es. i.lr upon the rrndermg of ;;lIlY ~ourt uc\:rre pn..lhibiring the." pa\'mrnt b~ the Murtgagor or any such taxes. ('IT if such law
<br />or deeree provide, that anI' amount so paul ,,, lhe Mortg"llor shall ~ (.edlled ,>n the mortgage debt, the MOflgagee ,hall have
<br />the right to givt" ninet). Jays' wfinen I1tJ-tlce 10 the llwner lJf the m..lrt~d prl:mlS~S, requiring the payment of the mortgage
<br />debt. If such nollce be liven, the Sllld debt shall become due, I"'yallle and collectible at the expiration of said ninety dap.
<br />6, That mould he fall to pay any sum or keep any cuvenant pflwided fur in this Morl/lllge, then the Mortgagee, at its 01"
<br />tlOO, may payor perform the same, and alle'penditures ,,, made ,hall be added to lhe prirn:ipal sum owing on the above note,
<br />,hall be ",cu~d hereby, and ,hall bear interest at the rate set forth in the said note, until paid,
<br />, That he hereb\' assigns, tran.ie" and ,ets over to the M~, to be applied toward the payment of the nole and all
<br />Sums. secured herC'by In \.'as.e ot' a default In the rerformancr of an}' of the terms and conditions of this Mortgage or the said
<br />note, all the rent', re.enue, and income to be dert\'ed from the murtgaged premi,es during such time as the mOfl8lllle indebted-
<br />ness shall remalO uopau!: and the MO"irdgtt shall have power to appOInt any dgefll or agems it may desire ror tbe purpose o{
<br />re-p-airintr: saKi premises and of renti~ the ~ame and ~()fk'cting the rent"i. re\'enues and mcomt. and it may pay OtH of 'iaid in-
<br />comes aU expenses of repairina uid pr-emi~~s and neces~)' commIssions and expenses. incurred in renting and managill8 the
<br />stIIIie and of collecting ""'tals the~from; the !>:dance remaining, if any, to be applied toward the discharge of ,aid mortgage
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<br />8, Thai he ..'ilt k~ the nnpro"""ents now e,i.ting or he,ealler erected on the mortg~ p'opel'lY, insured as llIay be
<br />required from time to time by the M~ -'n.r 10" bv lire and other hazards, casualties and contingencies in such
<br />iIlDQUltts and f.\f such periods as mal' be requl~d hy the Mort8llllff and will pay pfl'mptly, when due, any p,emiums on such
<br />"-- .....wi,"'" f", payment of whil.-h has _ been made herembdore, All insurance ,haJIl:>e ""ned in ,ollll"'nie, ap-
<br />pro""" by the ~ and t~pol;cm and renewals lhereof shall be h "!>I' the MOflPiee and have 'tltached thereto I""
<br />payable ,laus.. In fahlt ,'f and io form acceptllhle to ,he Mongagee, In en-' d '0" Mortgagor willg'l'e ,mmediate notice hy
<br />I1Wl to the 14ortpte<:, wbg. may- mate proof of k>>. If 001 made p",mptly hI' M''ltIlllllOf. and each insurance company con,
<br />cemlllh,llet'ebyamltoriled and directed to make payment for 'uch Jos; directl\' III the ~fortPllee IlIstead <,f to the Mort8l1llOf
<br />aDd_lhe,~ j<ltntly, and the '"".rall,e I'r"''6ed" ," any' pat11hereof, nlay l:>e applied by the Mortgasee at it, "pIlon either
<br />to lItu.4t1Ction of the indebledr>es. herwy on:ured (If tOlhe restoraOon or rep,nr ,,( the ptoperty damaged, III event I,f foreclo,
<br />_ aftltis ~<>f other tran,fer L,I title to the mortlil\llfi! property in e,titllu;,hmenl of the indehtedness secured herehy,
<br />all riPt".aHildffett of tile Mmtpt(lr in and to any' in,uran<~ rollc1e' then in for". ,hall pa" to 'herur,haser or grantee
<br />~ TIIlIt lU additk..w and ,.~la'..ral ""Ilflty I", lhe payment of the note de",nbed. ,mol all ,oms to ~come dlle lInder this
<br />ItKII'tpp, the 14M...." her.!>, ....ill'" to the Mort_ .ltp~t" rereou,o,fllyallles, nghts and ~nelit, ,"'({UlOllt" rhe
<br />~ under .lty' .nd all od .00 !la' In..' on ....jd p'eml~. wiflnherlall10 ",eel" and r.celPt for the ,"me and apply
<br />t__'(1 ~ _bled""" .s ....11 hel",. .' .fte, d..-Iault In the n>ndJtion, of thi, mon_. .nd the Mort8lll!ee may demand, ",e
<br />Jut... r<<lil-\-'fl .lm" '!ii~h NI)m-e-nt~ \librn U\tf' a.nd P'8vat>>t-. ","I 'ilhaU not he tC'\J\nrcd ....(l In ,h"_ J'his a-.5i4mmtnt to( tf1 tttnHnalc
<br />aDd _~ ltttlI iU\d ,,>WI u~" ","'.."" "I thi, mnnPF,
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